“Double Your Entrepreneurship”/ Malaj: Support for SMEs to increase access to finance and their competitiveness
In his speech, the Minister of Finance, Petrit Malaj, affirmed the importance of small and medium-sized enterprises for the country's economy, both in terms of employment and the added value they bring.
The Minister emphasized that, through the "Double Your Entrepreneurship" initiative, the government aims to increase access to finance for SMEs in sectors that are underfunded, supporting them in increasing technological capacities, in digitalization or in the area of energy efficiency.
This support, said Malaj, aims to increase the competitiveness of SMEs and increase their productivity, which will consequently bring about acceleration of economic growth and faster approximation to European Union standards.
The Minister informed that the initiative will be initially supported by the credit line already opened by the Bank of Albania in the amount of 250 million euros, which will be offered at low interest rates, while it will be accompanied in parallel by the sovereign guarantee of 30 million euros that has already been opened, which in addition to the agricultural sector will also be expanded to support SMEs.
"The sovereign guarantee will increase, so from the value of 30 million that we currently have, it will increase gradually, based on the requests that will come to us from small and medium-sized enterprises, but of course taking into account the possibilities that the state budget has," said Malaj.
He emphasized that the government remains committed to supporting entrepreneurship and small and medium-sized enterprises through various mechanisms, to increase their technological and human capacities, so that SMEs can increase their competitiveness and prepare to enter the European Union market, where opportunities are great, but so is competition.
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